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The newly released Hurun rich list tells that the real estate sector has been overtaken by the technology industry as the primary source of wealth, but property still remained the most lucrative industry in China last year, as seven of world’s 10 richest real estate tycoons are Chinese.

China’s Hong Kong tycoon Li Ka-shing, 86, chairman of Hutchison Whampoa and Cheung Kong Kong shot into first place, his total wealth rising by 3% to US 33 billion. He ranks 12th in the global rich list and remains the richest person in Asia.

Chinese mainland’s richest man in 2013 was Wang Jianlin, 59, Chairman of Dalian Wanda Group- China’s largest commercial property developer. He doubled his fortune, which at US 22 billion put him in second place behind Li Ka-shing. According to Hurun, Wang benefits from his investment in the cultural industry - Wanda is now the world's largest cinema chain. Wang has succeeded in listing his US cinema chain, has purchased Sunseeker, a UK luxury yacht brand, has announced a US$1bn development in London, and has purchased a Picasso painting for US$28 million.

Lee Shau Kee, 86, chairman of Henderson Land Development Co. Ltd, who saw his wealth shrink by 9% to USD 21 billion, made No.3 on the global list of the richest property developers.

Another three property tycoons were from USA, UK and Thailand, and there were four new faces in the Top 10, led by Thai’s Tos Chirathivat.